Soybean bulls fought back on Friday, as contracts settled the session with gains of 5 to 11 cents across the board. Nearby January was down 3.08% this week. CmdtyView’s national front month Cash Bean price was up 11 cents at $9.46 3/4. The products were playing a supportive role, with Soymeal futures up $1.30 to $2.60/ton and Soy Oil futures rallying 75 to 93 points on the session. China is expected to eliminate their tax rebate on exported used cooking oil starting on December 1. That should help to limit the amount of UCO imported for use as a feedstock in biodiesel.
NOPA data released this morning showed a record and better than expected October crush at 199.96 mbu among members. That was well above the estimated 196.84 mbu and 5.37% above October 2023. Stocks of bean oil were tallied at 1.069 billion lbs for October 31, below estimates and down 2.8% from last year at this time.
Weekly Export Sales data from this morning showed 1.555 MMT of soybean sales for 2024/25. That was in the middle of the expected range of 1 to 2.2 MMT and a 5-week low for bookings. China was the top buyer of 1.18 MMT in that week, with Egypt in for 127,700 MT.
Meal sales were reported at 302,413 MT in the week that ended on November 7, back down from last week but in the middle of the estimated 175,000 to 540,000 MT. Soybean oil sales backed off from last week’s multi-year high to 16,469 MT, which was still an improvement.
Weekly Commitment of Traders data showed spec funds in soybean futures and options trimming back their net short by 15,576 contracts to 54,536 contracts as of Tuesday. Commercials added 14,726 contracts to their net short, now at 44,176 contracts by 11/12.
Jan 25 Soybeans closed at $9.98 1/2, up 11 cents,
Nearby Cash was $9.46 3/4, up 11 cents,
Mar 25 Soybeans closed at $10.08 3/4, up 9 1/2 cents,
Jul 25 Soybeans closed at $10.34 1/4, up 8 3/4 cents,
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Austin Schroeder
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